Duke Energy — Nov 7, 2024 release

News Release                 Media Contact: Gillian Moore 24-Hour: 800.559.3853 Analyst Contact: Abby Motsinger Office: 704.382.7624 November 7, 2024 Duke Energy reports third-quarter 2024 financial results ▪ Third-quarter 2024 reported EPS of $1.60 and adjusted EPS of $1.62 ▪ Company restores 5.5 million outages from historic storm season ▪ Robust economic development and population migration continue to support long-term growth CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced third-quarter 2024 reported EPS of $1.60, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.62. This is compared to reported EPS of $1.59 and adjusted EPS of $1.94 for the third quarter of 2023. Adjusted EPS excludes the impact of certain items that are included in reported EPS. The difference between third-quarter 2024 reported and adjusted EPS includes costs related to the redemption of preferred securities and certain system post-implementation costs as well as results of discontinued operations. Lower third-quarter 2024 adjusted results were driven by a higher effective tax rate, storm costs, interest expense and depreciation on a growing asset base. These items were partially offset by growth from rate increases and riders. The company is reaffirming its 2024 adjusted EPS guidance range of $5.85 to $6.10 and trending to the lower half of the range. The company is reaffirming its long-term adjusted EPS growth rate of 5% to 7% through 2028 off the 2024 midpoint of $5.98. Management does not forecast reported GAAP EPS and related long-term growth rates. “I am proud of the remarkable response from our employees and utility partners to a historic storm season, including three consecutive hurricanes," said Lynn Good, Duke Energy chair and chief executive officer. "Our team’s commitment to our customers was unwavering as they worked around the clock to restore 5.5 million outages as quickly and safely as possible and rebuilt large portions of our system in a matter of days.” “We’ve continued to build on our track record of constructive regulatory outcomes and are well positioned for a strong finish to the year. Our simplified, fully regulated portfolio of Midwest and Southeast utilities operating in growing jurisdictions will continue to create long-term value for our customers, communities and shareholders.” Duke Energy News Release    2 Business segment results In addition to the following summary of third-quarter 2024 business segment performance, comprehensive tables with detailed EPS drivers for the third quarter compared to prior year are provided at the end of this news release. The discussion below of third-quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results. Electric Utilities and Infrastructure On a reported basis, Electric Utilities and Infrastructure recognized third-quarter 2024 segment income of $1,451 million, compared to reported segment income of $1,447 million in the third quarter of 2023. In addition to the drivers outlined below, third-quarter 2024 results include the net impact of charges related to certain system post-implementation costs, which was treated as a special item and excluded from adjusted earnings. On an adjusted basis, Electric Utilities and Infrastructure recognized third-quarter 2024 segment income of $1,464 million, compared to adjusted segment income of $1,531 million in the third quarter of 2023. This represents a decrease of $0.09 per share. Lower quarterly results were primarily due to higher O&M expenses, including storm costs, depreciation on a growing asset base, interest expense and milder weather, partially offset by growth from rate increases and riders as well as higher sales volumes. Gas Utilities and Infrastructure On a reported basis, Gas Utilities and Infrastructure recognized third-quarter 2024 segment loss of $25 million, compared to reported segment income of $15 million in the third quarter of 2023. In addition to the drivers outlined below, third-quarter 2024 results include the net impact of charges related to certain system post-implementation costs, which was treated as a special item and excluded from adjusted earnings. On an adjusted basis, Gas Utilities and Infrastructure recognized third-quarter 2024 segment loss of $22 million, compared to adjusted segment income of $15 million in the third quarter of 2023. This represents a decrease of $0.04 per share. Lower quarterly results were primarily due to higher depreciation and interest. Other Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy’s captive insurance company. On a reported basis, Other recognized a third-quarter 2024 segment loss of $222 million, compared to reported segment loss of $59 million in the third quarter of 2023. In addition to the drivers outlined below, third-quarter 2024 results include charges related to preferred redemption costs, which was treated as a special item and excluded from adjusted earnings. Duke Energy News Release    3 On an adjusted basis, Other recognized a third-quarter 2024 segment loss of $206 million, compared to adjusted segment loss of $59 million in the third quarter of 2023. This represents a decrease of $0.19 per share. Lower quarterly results were primarily due to a higher effective tax rate. Effective tax rate Duke Energy's consolidated reported effective tax rate for the third quarter of 2024 was 11.2% compared to 2.8% in the third quarter of 2023. The increase in the effective tax rate was primarily due tax efficiency efforts in the prior year and a decrease in the amortization of excess deferred taxes. Duke Energy's consolidated adjusted effective tax rate was 11.6% for the third quarter of 2024 compared to 3.9% in the third quarter of 2023. The increase in the effective tax rate was primarily due tax efficiency efforts in the prior year and a decrease in the amortization of excess deferred taxes. The tables at the end of this news release present a reconciliation of the reported effective tax rate to the adjusted effective tax rate. Storm restoration costs Total storm restoration costs, including capital expenditures, for hurricanes Helene, Debby and Milton are estimated to be in the range of $2.4 billion to $2.9 billion and are expected to primarily impact Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida. Total storm restorations costs will be recognized in the third and fourth quarter 2024. These estimates will change as restoration work is completed and additional information is received on actual costs incurred. The majority of the costs will be deferred for future recovery in regulatory assets on the Condensed Consolidated Balance Sheets or relate to capital projects. Recovery mechanisms are in place for each subsidiary registrant and each are considering and executing on all available avenues as quickly as possible to recover storm-related costs, including insurance recovery and the securitization for certain costs, where applicable. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida have entered into term loan facilities intended to meet incremental financing needs for a total of $1.75 billion, with an ability to increase the facilities an additional $0.85 billion. Earnings conference call for analysts An earnings conference call for analysts is scheduled at 10 a.m. ET today to discuss third-quarter 2024 financial results and other business and financial updates. The conference call will be hosted by Lynn Good, chair and chief executive officer, Harry Sideris, president, and Brian Savoy, executive vice president and chief financial officer. The call can be accessed via the investors' section (duke-energy.com/investors) of Duke Energy’s website or by dialing 833.470.1428 in the U.S. or 929.526.1599 outside the U.S. The confirmation code is 367401. Please call in 10 to 15 minutes prior to the scheduled start time. A recording of the webcast with transcript will be available on the investors' section of the company’s website on November 8. Duke Energy News Release    4 Special Items and Non-GAAP Reconciliation The following table presents a reconciliation of GAAP reported earnings (loss) per share to adjusted earnings per share for third-quarter 2024 and 2023 financial results: (In millions, except per share amounts) After-Tax Amount 3Q 2024 EPS 3Q 2023 EPS Earnings Per Share, as reported $ 1.60   $ 1.59  Adjustments to reported EPS: Third Quarter 2024 System Post-Implementation Costs $ 16   $ 0.02   Preferred Redemption Costs 16   0.02   Discontinued Operations (a) (22) (0.03) Third Quarter 2023 Regulatory Matters $ 84  $ 0.11  Discontinued Operations (a) 190  0.24  Total adjustments (b) $ 0.02   $ 0.35  EPS, adjusted $ 1.62   $ 1.94  (a)    Represents the operating results and net impairment reversal recognized related to the sale of the Commercial Renewables business disposal group. (b)    Total EPS adjustments may not foot due to rounding. Non-GAAP financial measures Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings, adjusted EPS and adjusted effective tax rate. Adjusted earnings and adjusted EPS represent income (loss) from continuing operations available to Duke Energy Corporation common stockholders in dollar and basic per share amounts, adjusted for the dollar and per share impact of special items. The adjusted effective tax rate is calculated using pretax earnings and income tax expense, both adjusted to include the impact of noncontrolling interests and preferred dividends and to exclude the impact of special items. As discussed below, special items include certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance. Management uses these non-GAAP financial measures for planning and forecasting, and for reporting financial results to the Board of Directors, employees, stockholders, analysts and investors. The most directly comparable GAAP measures for adjusted earnings, adjusted EPS and the adjusted effective tax rate are Net Income (Loss) Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss)), Basic earnings (loss) per share Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss) per share), and the reported effective tax rate, respectively. Duke Energy News Release    5 Special items included in the periods presented include the following items, which management believes do not reflect ongoing costs: • System post-implementation costs represents the net impact of charges related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. • Preferred redemption costs represents charges related to the redemption of Series B Preferred Stock. • Regulatory matters primarily represents impairment charges related to Duke Energy Carolinas' North Carolina rate case settlement and Duke Energy Progress' North Carolina rate case order. Due to the forward-looking nature of any forecasted adjusted earnings guidance, information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items for future periods (such as legal settlements, the impact of regulatory orders or asset impairments). Management evaluates segment performance based on segment income and other net loss. Segment income and other net loss is defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income and other net loss includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income and adjusted other net loss as a measure of historical and anticipated future segment performance. Adjusted segment income and adjusted other net loss is a non-GAAP financial measure, as it is based upon segment income and other net loss adjusted for special items, which are discussed above. Management believes the presentation of adjusted segment income and adjusted other net loss provides useful information to investors, as it provides them with an additional relevant comparison of a segment’s performance across periods. The most directly comparable GAAP measure for adjusted segment income or adjusted other net loss is segment income and other net loss. Due to the forward-looking nature of any forecasted adjusted segment income or adjusted other net loss and any related growth rates for future periods, information to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures is not available at this time, as the company is unable to forecast all special items, as discussed above. Duke Energy’s adjusted earnings, adjusted EPS and adjusted segment income and adjusted other net loss may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner. Duke Energy News Release    6 Duke Energy Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. The company's electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 54,800 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. Duke Energy is executing an ambitious clean energy transition, keeping reliability, affordability and accessibility at the forefront as the company works toward net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company is investing in major electric grid upgrades and cleaner generation, including expanded energy storage, renewables, natural gas and nuclear. More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition. Forward-Looking Information This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to: ◦ The ability to implement our business strategy, including our carbon emission reduction goals; ◦ State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices; ◦ The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate; ◦ The ability to timely recover eligible costs, including amounts associated with coal ash impoundment retirement obligations, asset retirement and construction costs related to carbon emissions reductions, and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process; ◦ The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process; ◦ The impact of extraordinary external events, such as the pandemic health event resulting from COVID-19, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories; ◦ Costs and effects of legal and administrative proceedings, settlements, investigations and claims; ◦ Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy, storm damage, reduced customer usage due to cost pressures from inflation or fuel costs, and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies; Duke Energy News Release    7 ◦ Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs; ◦ Advancements in technology; ◦ Additional competition in electric and natural gas markets and continued industry consolidation; ◦ The influence of weather and other natural phenomena on operations, financial position, and cash flows, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change; ◦ Changing investor, customer and other stakeholder expectations and demands including heightened emphasis on environmental, social and governance concerns and costs related thereto; ◦ The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the United States electric grid or generating resources; ◦ Operational interruptions to our natural gas distribution and transmission activities; ◦ The availability of adequate interstate pipeline transportation capacity and natural gas supply; ◦ The impact on facilities and business from a terrorist or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, information technology failures or other catastrophic events, such as severe storms, fires, explosions, pandemic health events or other similar occurrences; ◦ The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers; ◦ The timing and extent of changes in commodity prices and interest rates and the ability to recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets; ◦ The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions, an individual utility’s generation mix, and general market and economic conditions; ◦ Credit ratings of the Duke Energy Registrants may be different from what is expected; ◦ Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds; ◦ Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, timing and receipt of necessary regulatory approvals, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all; ◦ Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants; ◦ The ability to control operation and maintenance costs; ◦ The level of creditworthiness of counterparties to transactions; ◦ The ability to obtain adequate insurance at acceptable costs and recover on claims made; ◦ Employee workforce factors, including the potential inability to attract and retain key personnel; ◦ The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent); ◦ The performance of projects undertaken by our businesses and the success of efforts to invest in and develop new opportunities; ◦ The effect of accounting and reporting pronouncements issued periodically by accounting standard-setting bodies and the SEC; ◦ The impact of United States tax legislation to our financial condition, results of operations or cash flows and our credit ratings; ◦ The impacts from potential impairments of goodwill or equity method investment carrying values; Duke Energy News Release    8 ◦ Asset or business acquisitions and dispositions may not yield the anticipated benefits; and ◦ The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy, or cause fluctuations in the trading price of our common stock. Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made, and the Duke Energy Registrants expressly disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Three Months Ended September 30, 2024 (Dollars in millions, except per share amounts) Special Items Reported Earnings System Post-Implementation Costs Preferred Redemption Costs Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME Electric Utilities and Infrastructure $ 1,451   $ 13  A $ —  $ —  $ 13  $ 1,464  Gas Utilities and Infrastructure (25) 3  B —  —  3  (22) Total Reportable Segment Income 1,426   16   —   —   16   1,442   Other (222) —  16  C —  16  (206) Discontinued Operations 22   —  —  (22) D (22) —  Net Income Available to Duke Energy Corporation Common Stockholders $ 1,226   $ 16   $ 16   $ (22) $ 10   $ 1,236   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 1.60   $ 0.02   $ 0.02   $ (0.03) $ 0.02   $ 1.62   Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02. Total EPS adjustments do not cross-foot due to rounding. A – Net of $4 million tax benefit. $17 million recorded within Operating Revenues on the Condensed Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. B – Net of $1 million tax benefit. $1 million recorded within Operations, maintenance and other and $3 million recorded within Other Income and expenses on the Condensed Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. C – $16 million recorded within Preferred Redemption Costs on the Condensed Consolidated Statements of Operations related to the redemption of Series B Preferred Stock. D – Recorded in Income (Loss) from Discontinued Operations, net of tax, a nd Net Income Attributable t o Noncontrolling Interests on the Condensed Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 772 million 9 DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Nine Months Ended September 30, 2024 (Dollars in millions, except per share amounts) Special Items Reported Earnings Regulatory Matters System Post-Implementation Costs Preferred Redemption Costs Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME Electric Utilities and Infrastructure $ 3,562   $ 25  A $ 13  B $ —  $ —  $ 38  $ 3,600  Gas Utilities and Infrastructure 265   —  3  C —  —  3  268  Total Reportable Segment Income 3,827   25   16   —   —   41   3,868   Other (625) —  16  D —  16  (609) Discontinued Operations 9   —  —  —  (9) E (9) —  Net Income Available to Duke Energy Corporation Common Stockholders $ 3,211   $ 25   $ 16   $ 16   $ (9) $ 48   $ 3,259   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 4.17   $ 0.03   $ 0.02   $ 0.02   $ (0.01) $ 0.07   $ 4.24   Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02. Total EPS adjustments do not cross-foot due to rounding. A – Net of $6 million tax benefit at Duke Energy Carolinas and $2 million tax benefit at Duke Energy Progress. • $33 million recorded within Impairment of assets and other charges, $2 million recorded within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to the South Carolina rate case order. • $9 million recorded within Impairment of assets and other charges on the Duke Energy Progress' Condensed Consolidated Statement of Operations related to the South Carolina rate case order. B – Net of $4 million tax benefit. $17 million recorded within Operating Revenues on the Condensed Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. C – Net of $1 million tax benefit. $1 million recorded within Operations, maintenance and other and $3 million recorded within Other Income and expenses on the Condensed Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. D – $16 million recorded within Preferred Redemption Costs on the Condensed Consolidated Statements of Operations related to the redemption of Series B Preferred Stock. E – Recorded in Income (Loss) from Discontinued Operations, net of tax, a nd Net Income Attributable t o Noncontrolling Interests on the Condensed Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 772 million 10 DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Three Months Ended September 30, 2023 (Dollars in millions, except per share amounts) Special Item Reported Earnings Regulatory Matters Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME Electric Utilities and Infrastructure $ 1,447   $ 84  A $ —  $ 84  $ 1,531  Gas Utilities and Infrastructure 15   —  —  —  15  Total Reportable Segment Income 1,462   84   —   84   1,546   Other (59) —  —  —  (59) Discontinued Operations (190) —  190  B 190  —  Net Income Available to Duke Energy Corporation Common Stockholders $ 1,213   $ 84   $ 190   $ 274   $ 1,487   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 1.59   $ 0.11   $ 0.24   $ 0.35   $ 1.94   Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02. A – Net of $17 million tax benefit at Duke Energy Carolinas and $10 million tax benefit at Duke Energy Progress. • $62 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations primarily related to the North Carolina rate case settlement. • $33 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Progress' Condensed Consolidated Statement of Operations primarily related to the North Carolina rate case order. B – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income Attributable to Noncontrolling Interests on the Condensed Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 771 million 11 DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Nine Months Ended September 30, 2023 (Dollars in millions, except per share amounts) Special Item Reported Earnings Regulatory Matters Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME Electric Utilities and Infrastructure $ 3,088   $ 84  A $ —  $ 84  $ 3,172  Gas Utilities and Infrastructure 327   —  —  —  327  Total Reportable Segment Income 3,415   84   —   84   3,499   Other (388) —  —  —  (388) Discontinued Operations (1,283) —  1,283  B 1,283  —  Net Income Available to Duke Energy Corporation Common Stockholders $ 1,744   $ 84   $ 1,283   $ 1,367   $ 3,111   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 2.27   $ 0.11   $ 1.67   $ 1.78   $ 4.05   Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02. A – Net of $17 million tax benefit at Duke Energy Carolinas and $10 million tax benefit at Duke Energy Progress. • $62 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations primarily related to the North Carolina rate case settlement. • $33 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Progress' Condensed Consolidated Statement of Operations primarily related to the North Carolina rate case order. B – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income Attributable to Noncontrolling Interests on the Condensed Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 771 million 12 DUKE ENERGY CORPORATION EFFECTIVE TAX RECONCILIATION September 2024 (Dollars in millions) Three Months Ended    September 30, 2024 Nine Months Ended    September 30, 2024 Balance Effective Tax Rate Balance Effective Tax Rate Reported Income From Continuing Operations Before Income Taxes $ 1,453  $ 3,856  Regulatory Matters —  33  System Post-Implementation Costs 21  21  Preferred Redemption Costs 16  16  Noncontrolling Interests (37) (79) Preferred Dividends and Redemption Costs (55) (108) Adjusted Pretax Income $ 1,398  $ 3,739  Reported Income Tax Expense From Continuing Operations $ 163  11.2  % $ 481  12.5  % Regulatory Matters —  8  System Post-Implementation Costs 5  5  Noncontrolling Interest Portion of Income Taxes (a) (6) (14) Adjusted Tax Expense $ 162  11.6  % $ 480  12.8  %   Three Months Ended    September 30, 2023 Nine Months Ended    September 30, 2023 Balance Effective Tax Rate Balance Effective Tax Rate Reported Income From Continuing Operations Before Income Taxes $ 1,515  $ 3,510  Regulatory Matters 111  111  Noncontrolling Interests (39) (92) Preferred Dividends (39) (92) Adjusted Pretax Income $ 1,548  $ 3,437  Reported Income Tax Expense From Continuing Operations $ 42  2.8  % $ 316  9.0  % Regulatory Matters 27  27  Noncontrolling Interest Portion of Income Taxes (a) (8) (17) Adjusted Tax Expense $ 61  3.9  % $ 326  9.5  % (a)    Income tax related to non-pass-through entities for tax purposes. 13 DUKE ENERGY CORPORATION EARNINGS VARIANCES September 2024 QTD vs. Prior Year (Dollars per share) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Discontinued Operations Consolidated 2023 QTD Reported Earnings Per Share $ 1.88   $ 0.01   $ (0.06) $ (0.24) $ 1.59   Regulatory Matters 0.11  —  —  —  0.11  Discontinued Operations —  —  —  0.24  0.24  2023 QTD Adjusted Earnings Per Share $ 1.99   $ 0.01   $ (0.06) $ —   $ 1.94   Weather (0.03) —  —  —  (0.03) Volume 0.03  —  —  —  0.03  Riders and Other Retail Margin (a) 0.05  —  —  —  0.05  Rate case impacts, net (b) 0.07  —  —  —  0.07  Operations and maintenance, net of recoverables (c) (0.09) (0.01) —  —  (0.10) Interest Expense (d) (0.04) (0.01) (0.04) —  (0.09) AFUDC Equity 0.01  —  —  —  0.01  Depreciation and amortization (d) (0.06) (0.01) —  —  (0.07) Other (e) (0.03) (0.01) (0.15) —  (0.19) Total variance $ (0.09) $ (0.04) $ (0.19) $ —   $ (0.32) 2024 QTD Adjusted Earnings Per Share $ 1.90   $ (0.03) $ (0.25) $ —   $ 1.62   System Post-Implementation Costs (0.02) —  —  —  (0.02) Preferred Redemption Costs —  —  (0.02) —  (0.02) Discontinued Operations —   —  —   0.03  0.03  2024 QTD Reported Earnings Per Share $ 1.88   $ (0.03) $ (0.27) $ 0.03   $ 1.60   Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Basic weighted average shares outstanding increased from 771 million to 772 million. Totals may not foot or cross-foot due to rounding. (a)    Electric Utilities and Infrastructure includes higher grid modernization riders and transmission revenues (+$0.04). (b)    Electric Utilities and Infrastructure includes impacts from DEC North Carolina rates, effective January 2024, and DEC South Carolina rates, effective August 2024, (+$0.05), DEF multiyear rate plan revenue increases (+$0.01) and DEK rates, effective October 2023 (+$0.01). (c)    Electric Utilities and Infrastructure includes $0.08 of storm costs in the current year. (d)    Electric Utilities and Infrastructure excludes rate case impacts. (e)    Other includes a favorable adjustment related to certain allowable tax deductions in the prior year (-$0.16). 14 DUKE ENERGY CORPORATION EARNINGS VARIANCES September 2024 YTD vs. Prior Year (Dollars per share) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Discontinued Operations Consolidated 2023 YTD Reported Earnings Per Share $ 4.01   $ 0.42   $ (0.49) $ (1.67) $ 2.27   Regulatory Matters 0.11  —  —  —  0.11  Discontinued Operations —  —  —  1.67  1.67  2023 YTD Adjusted Earnings Per Share $ 4.12   $ 0.42   $ (0.49) $ —   $ 4.05   Weather 0.26  —  —  —  0.26  Volume 0.20  —  —  —  0.20  Riders and Other Retail Margin (a) 0.14  0.04  —  —  0.18  Rate case impacts, net (b) 0.25  0.02  —  —  0.27  Wholesale (c) 0.02  —  —  —  0.02  Operations and maintenance, net of recoverables (d) (0.07) (0.03) —  —  (0.10) Interest Expense (e) (0.12) (0.03) (0.11) —  (0.26) AFUDC Equity 0.04  —  —  —  0.04  Depreciation and amortization (e) (0.17) (0.03) —  —  (0.20) Other (f) (0.01) (0.04) (0.17) —  (0.22) Total variance $ 0.54   $ (0.07) $ (0.28) $ —   $ 0.19   2024 YTD Adjusted Earnings Per Share $ 4.66   $ 0.35   $ (0.77) $ —   $ 4.24   Regulatory Matters (0.03) —  —  —  (0.03) System Post-Implementation Costs (0.02) —  —  —  (0.02) Preferred Redemption Costs —  —  (0.02) —  (0.02) Discontinued Operations —  —  —  0.01  0.01  2024 YTD Reported Earnings Per Share $ 4.61   $ 0.35   $ (0.79) $ 0.01   $ 4.17   Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Basic weighted average shares outstanding increased from 771 million to 772 million. Totals may not foot or cross-foot due to rounding. (a)    Electric Utilities and Infrastructure includes higher grid modernization riders and transmission revenues (+$0.12). Gas Utilities and Infrastructure includes higher revenues from Tennessee ARM (+$0.02), riders and customer growth. (b)    Electric Utilities and Infrastructure includes impacts from DEC North Carolina rates, effective January 2024, and DEC South Carolina rates, effective August 2024 (+$0.18), DEP South Carolina rates, effective April 2023 and DEP North Carolina rates, effective October 2023 (+$0.05) and DEK rates, effective October 2023 (+$0.02), partially offset by the impact of lower DOE nuclear fuel storage funding, net of DEF multiyear rate plan revenue increases (-$0.01). Gas Utilities and Infrastructure includes impacts from DEO rates, effective November 2023. (c)    Primarily due to higher capacity rates. (d)    Electric Utilities and Infrastructure includes $0.11 of storm costs in the current year. (e)    Electric Utilities and Infrastructure excludes rate case impacts. (f)    Other includes a favorable adjustment related to certain allowable tax deductions in the prior year (-$0.16). 15 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except per share amounts) Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Operating Revenues Regulated electric $ 7,775   $ 7,640  $ 21,253   $ 20,140  Regulated natural gas 298   284  1,511   1,497  Nonregulated electric and other 81   70  233   211  Total operating revenues 8,154   7,994  22,997   21,848  Operating Expenses Fuel used in electric generation and purchased power 2,644   2,571  7,207   6,987  Cost of natural gas 70   57  380   434  Operation, maintenance and other 1,409   1,428  4,108   4,113  Depreciation and amortization 1,516   1,353  4,312   3,913  Property and other taxes 383   394  1,162   1,136  Impairment of assets and other charges (5) 88  39   96  Total operating expenses 6,017   5,891  17,208   16,679  Gains on Sales of Other Assets and Other, net 7   8  25   46  Operating Income 2,144   2,111  5,814   5,215  Other Income and Expenses Equity in earnings of unconsolidated affiliates 15   45  53   85  Other income and expenses, net 166   133  502   431  Total other income and expenses 181   178  555   516  Interest Expense 872   774  2,513   2,221  Income From Continuing Operations Before Income Taxes 1,453   1,515  3,856   3,510  Income Tax Expense From Continuing Operations 163   42  481   316  Income From Continuing Operations 1,290   1,473  3,375   3,194  Income (Loss) From Discontinued Operations, net of tax 25   (152) 12   (1,316) Net Income 1,315   1,321  3,387   1,878  Less: Net Income Attributable to Noncontrolling Interests 34   69  68   42  Net Income Attributable to Duke Energy Corporation 1,281   1,252  3,319   1,836  Less: Preferred Dividends 39   39  92   92  Less: Preferred Redemption Costs 16   —  16   —  Net Income Available to Duke Energy Corporation Common Stockholders $ 1,226   $ 1,213  $ 3,211   $ 1,744  Earnings Per Share – Basic and Diluted Income from continuing operations available to Duke Energy Corporation common stockholders Basic and Diluted $ 1.57   $ 1.83  $ 4.16   $ 3.94  Income (loss) from discontinued operations attributable to Duke Energy Corporation common stockholders Basic and Diluted $ 0.03   $ (0.24) $ 0.01   $ (1.67) Net income available to Duke Energy Corporation common stockholders Basic and Diluted $ 1.60   $ 1.59  $ 4.17   $ 2.27  Weighted average shares outstanding Basic 772   771  772   771  Diluted 773   771  772   771  16 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions) September 30, 2024 December 31, 2023 ASSETS Current Assets Cash and cash equivalents $ 376   $ 253  Receivables (net of allowance for doubtful accounts of $127 at 2024 and $55 at 2023) 2,161   1,112  Receivables of VIEs (net of allowance for doubtful accounts of $91 at 2024 and $150 at 2023) 1,971   3,019  Receivable from sales of Commercial Renewables Disposal Groups 545   —  Inventory (includes $477 at 2024 and $462 at 2023 related to VIEs) 4,338   4,292  Regulatory assets (includes $119 at 2024 and $110 at 2023 related to VIEs) 2,300   3,648  Assets held for sale 4   14  Other (includes $76 at 2024 and $90 at 2023 related to VIEs) 447   431  Total current assets 12,142   12,769  Property, Plant and Equipment Cost 179,542   171,353  Accumulated depreciation and amortization (58,146) (56,038) Net property, plant and equipment 121,396   115,315  Other Noncurrent Assets Goodwill 19,303   19,303  Regulatory assets (includes $1,716 at 2024 and $1,642 at 2023 related to VIEs) 13,778   13,618  Nuclear decommissioning trust funds 11,511   10,143  Operating lease right-of-use assets, net 1,146   1,092  Investments in equity method unconsolidated affiliates 477   492  Assets held for sale 81   $ 197  Other 3,732   3,964  Total other noncurrent assets 50,028   48,809  Total Assets $ 183,566   $ 176,893  LIABILITIES AND EQUITY Current Liabilities Accounts payable (includes $212 at 2024 and $188 at 2023 related to VIEs) $ 3,953   $ 4,228  Notes payable and commercial paper 3,947   4,288  Taxes accrued 1,016   816  Interest accrued 809   745  Current maturities of long-term debt (includes $1,012 at 2024 and $428 at 2023 related to VIEs) 3,597   2,800  Asset retirement obligations 639   596  Regulatory liabilities 1,267   1,369  Liabilities associated with assets held for sale 77   122  Other 2,122   2,319  Total current liabilities 17,427   17,283  Long-Term Debt (includes $1,842 at 2024 and $3,000 at 2023 related to VIEs) 76,524   72,452  Other Noncurrent Liabilities Deferred income taxes 10,859   10,556  Asset retirement obligations 9,511   8,560  Regulatory liabilities 14,926   14,039  Operating lease liabilities 956   917  Accrued pension and other post-retirement benefit costs 432   485  Investment tax credits 866   864  Liabilities associated with assets held for sale 85   $ 157  Other (includes $33 at 2024 and $35 at 2023 related to VIEs) 1,731   1,393  Total other noncurrent liabilities 39,366   36,971  Commitments and Contingencies Equity Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2024 and 2023 973   973  Preferred stock, Series B, $0.001 par value, 1 million shares authorized; 0 and 1 million shares outstanding at 2024 and 2023 —   989  Common stock, $0.001 par value, 2 billion shares authorized; 772 million and 771 million shares outstanding at 2024 and 2023 1   1  Additional paid-in capital 45,060   44,920  Retained earnings 3,052   2,235  Accumulated other comprehensive income (loss) 47   (6) Total Duke Energy Corporation stockholders' equity 49,133   49,112  Noncontrolling interests 1,116   1,075  Total equity 50,249   50,187  Total Liabilities and Equity $ 183,566   $ 176,893  17 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Nine Months Ended September 30, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 3,387   $ 1,878  Adjustments to reconcile net income to net cash provided by operating activities 5,564   5,431  Net cash provided by operating activities 8,951   7,309  CASH FLOWS FROM INVESTING ACTIVITIES Net cash used in investing activities (9,851) (9,751) CASH FLOWS FROM FINANCING ACTIVITIES Net cash provided by financing activities 990   2,413  Net increase (decrease) in cash, cash equivalents and restricted cash 90   (29) Cash, cash equivalents and restricted cash at beginning of period 357   603  Cash, cash equivalents and restricted cash at end of period $ 447   $ 574  18 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 7,792  $ —  $ —  $ (17) $ 7,775   Regulated natural gas —  321  —  (23) 298   Nonregulated electric and other 60  11  42  (32) 81   Total operating revenues 7,852  332  42  (72) 8,154   Operating Expenses Fuel used in electric generation and purchased power 2,664  —  —  (20) 2,644   Cost of natural gas —  70  —  —  70   Operation, maintenance and other 1,387  113  (44) (47) 1,409   Depreciation and amortization 1,352  100  72  (8) 1,516   Property and other taxes 345  36  3  (1) 383   Impairment of assets and other charges (5) —  —  —  (5) Total operating expenses 5,743  319  31  (76) 6,017   Gains on Sales of Other Assets and Other, net 2  —  5  —  7   Operating Income 2,111  13  16  4  2,144   Other Income and Expenses Equity in earnings of unconsolidated affiliates 2  3  10  —  15   Other income and expenses, net 127  12  62  (35) 166   Total Other Income and Expenses 129  15  72  (35) 181   Interest Expense 514  67  321  (30) 872   Income (Loss) from Continuing Operations before Income Taxes 1,726  (39) (233) (1) 1,453   Income Tax Expense (Benefit) from Continuing Operations 244  (14) (66) (1) 163   Income (Loss) from Continuing Operations 1,482  (25) (167) —  1,290   Less: Net Income Attributable to Noncontrolling Interest 31  —  —  —  31   Net Income (Loss) Attributable to Duke Energy Corporation 1,451  (25) (167) —  1,259   Less: Preferred Dividends —  —  39  —  39   Less: Preferred Redemption Costs —  —  16  —  16   Segment Income (Loss)/Other Net Loss $ 1,451  $ (25) $ (222) $ —  $ 1,204   Discontinued Operations 22   Net Income Available to Duke Energy Corporation Common Stockholders $ 1,226   Segment Income (Loss)/Other Net Loss $ 1,451  $ (25) $ (222) $ —  $ 1,204   Special Items 13  3  16  —  32   Adjusted Earnings (a) $ 1,464  $ (22) $ (206) $ —  $ 1,236   (a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 19 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Nine Months Ended September 30, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 21,305  $ —  $ —  $ (52) $ 21,253   Regulated natural gas —  1,579  —  (68) 1,511   Nonregulated electric and other 170  36  120  (93) 233   Total operating revenues 21,475  1,615  120  (213) 22,997   Operating Expenses Fuel used in electric generation and purchased power 7,266  —  —  (59) 7,207   Cost of natural gas —  380  —  —  380   Operation, maintenance and other 3,965  359  (70) (146) 4,108   Depreciation and amortization 3,823  294  216  (21) 4,312   Property and other taxes 1,033  120  10  (1) 1,162   Impairment of assets and other charges 38  —  1  —  39   Total operating expenses 16,125  1,153  157  (227) 17,208   Gains on Sales of Other Assets and Other, net 9  —  16  —  25   Operating Income (Loss) 5,359  462  (21) 14  5,814   Other Income and Expenses Equity in earnings of unconsolidated affiliates 4  3  46  —  53   Other income and expenses, net 397  46  172  (113) 502   Total Other Income and Expenses 401  49  218  (113) 555   Interest Expense 1,501  189  921  (98) 2,513   Income (Loss) from Continuing Operations before Income Taxes 4,259  322  (724) (1) 3,856   Income Tax Expense (Benefit) from Continuing Operations 631  57  (207) —  481   Income (Loss) from Continuing Operations 3,628  265  (517) (1) 3,375   Less: Net Income Attributable to Noncontrolling Interest 66  —  —  (1) 65   Net Income (Loss) Attributable to Duke Energy Corporation 3,562  265  (517) —  3,310   Less: Preferred Dividends —  —  92  —   92   Less: Preferred Redemption Costs —  —  16  —   16   Segment Income/Other Net Loss $ 3,562  $ 265  $ (625) $ —  $ 3,202   Discontinued Operations 9   Net Income Available to Duke Energy Corporation Common Stockholders $ 3,211   Segment Income/Other Net Loss $ 3,562  $ 265  $ (625) $ —  $ 3,202   Special Items 38  3  16  —  57   Adjusted Earnings (a) $ 3,600  $ 268  $ (609) $ —  $ 3,259   (a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 20 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, 2023 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 7,658  $ —  $ —  $ (18) $ 7,640   Regulated natural gas —  307  —  (23) 284   Nonregulated electric and other 57  6  33  (26) 70   Total operating revenues 7,715  313  33  (67) 7,994   Operating Expenses Fuel used in electric generation and purchased power 2,591  —  —  (20) 2,571   Cost of natural gas —  57  —  —  57   Operation, maintenance and other 1,398  103  (29) (44) 1,428   Depreciation and amortization 1,209  88  63  (7) 1,353   Property and other taxes 392  32  (30) —  394   Impairment of assets and other charges 88  —  —  —  88   Total operating expenses 5,678  280  4  (71) 5,891   Gains on Sales of Other Assets and Other, net 2  —  5  1  8   Operating Income 2,039  33  34  5  2,111   Other Income and Expenses Equity in earnings of unconsolidated affiliates 2  21  22  —  45   Other income and expenses, net 129  18  25  (39) 133   Total Other Income and Expenses 131  39  47  (39) 178   Interest Expense 468  56  283  (33) 774   Income (Loss) from Continuing Operations before Income Taxes 1,702  16  (202) (1) 1,515   Income Tax Expense (Benefit) from Continuing Operations 224  1  (182) (1) 42   Income (Loss) from Continuing Operations 1,478  15  (20) —  1,473   Less: Net Income Attributable to Noncontrolling Interest 31  —  —  —  31   Net Income (Loss) Attributable to Duke Energy Corporation 1,447  15  (20) —  1,442   Less: Preferred Dividends —  —  39  —   39   Segment Income/Other Net Loss $ 1,447  $ 15  $ (59) $ —  $ 1,403   Discontinued Operations (190) Net Income Available to Duke Energy Corporation Common Stockholders $ 1,213   Segment Income/Other Net Loss $ 1,447  $ 15  $ (59) $ —  $ 1,403   Other Adjustments 84  —  —  —  84   Adjusted Earnings (a) $ 1,531  $ 15  $ (59) $ —  $ 1,487   (a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 21 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Nine Months Ended September 30, 2023 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 20,190  $ —  $ —  $ (50) $ 20,140   Regulated natural gas —  1,565  —  (68) 1,497   Nonregulated electric and other 173  18  98  (78) 211   Total operating revenues 20,363  1,583  98  (196) 21,848   Operating Expenses Fuel used in electric generation and purchased power 7,045  —  —  (58) 6,987   Cost of natural gas —  434  —  —  434   Operation, maintenance and other 4,008  332  (97) (130) 4,113   Depreciation and amortization 3,493  257  184  (21) 3,913   Property and other taxes 1,077  93  (34) —  1,136   Impairment of assets and other charges 100  (4) —  —  96   Total operating expenses 15,723  1,112  53  (209) 16,679   Gains (Losses) on Sales of Other Assets and Other, net 30  (1) 16  1  46   Operating Income 4,670  470  61  14  5,215   Other Income and Expenses Equity in earnings of unconsolidated affiliates 5  33  47  —  85   Other income and expenses, net 383  53  121  (126) 431   Total Other Income and Expenses 388  86  168  (126) 516   Interest Expense 1,364  158  810  (111) 2,221   Income (Loss) From Continuing Operations Before Income Taxes 3,694  398  (581) (1) 3,510   Income Tax Expense (Benefit) from Continuing Operations 531  71  (285) (1) 316   Income (Loss) from Continuing Operations 3,163  327  (296) —  3,194   Less: Net Income Attributable to Noncontrolling Interest 75  —  —  —  75   Net Income (Loss) Attributable to Duke Energy Corporation 3,088  327  (296) —  3,119   Less: Preferred Dividends —  —  92  —   92   Segment Income/Other Net Loss $ 3,088  $ 327  $ (388) $ —  $ 3,027   Discontinued Operations (1,283) Net Income Available to Duke Energy Corporation Common Stockholders $ 1,744   Segment Income/Other Net Loss $ 3,088  $ 327  $ (388) $ —  $ 3,027   Special Items 84  —  —  —  84   Adjusted Earnings (a) $ 3,172  $ 327  $ (388) $ —  $ 3,111   (a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 22 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) September 30, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other (a) Eliminations/ Adjustments Duke Energy Current Assets Cash and cash equivalents $ 90  $ 40  $ 246  $ —  $ 376   Receivables, net 1,960  183  18  —  2,161   Receivables of variable interest entities, net 1,971  —  —  —  1,971   Receivables from affiliated companies 73  78  708  (859) —   Receivable from sales of Commercial Renewables Disposal Groups —  —  545  —  545   Notes receivable from affiliated companies 111  9  1,376  (1,496) —   Inventory 4,225  75  38  —  4,338   Regulatory assets 2,018  192  90  —  2,300   Assets held for sale —  —  4  —  4   Other 229  105  141  (28) 447   Total current assets 10,677  682  3,166  (2,383) 12,142   Property, Plant and Equipment Cost 159,022  17,512  3,089  (81) 179,542   Accumulated depreciation and amortization (52,745) (3,573) (1,827) (1) (58,146) Net property, plant and equipment 106,277  13,939  1,262  (82) 121,396   Other Noncurrent Assets Goodwill 17,379  1,924  —  —  19,303   Regulatory assets 12,478  820  480  —  13,778   Nuclear decommissioning trust funds 11,511  —  —  —  11,511   Operating lease right-of-use assets, net 778  4  363  1  1,146   Investments in equity method unconsolidated affiliates 98  243  136  —  477   Investment in consolidated subsidiaries 468  6  73,870  (74,344) —   Assets held for sale —  —  81  —  81   Other 2,567  328  1,464  (627) 3,732   Total other noncurrent assets 45,279  3,325  76,394  (74,970) 50,028   Total Assets 162,233  17,946  80,822  (77,435) 183,566   Segment reclassifications, intercompany balances and other (762) (94) (76,579) 77,435  —   Segment Assets $ 161,471  $ 17,852  $ 4,243  $ —  $ 183,566   (a)    Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Groups. 23 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) September 30, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other (a) Eliminations/ Adjustments Duke Energy Current Liabilities Accounts payable $ 3,194  $ 242  $ 517  $ —  $ 3,953   Accounts payable to affiliated companies 614  48  176  (838) —   Notes payable to affiliated companies 855  582  59  (1,496) —   Notes payable and commercial paper —  —  3,947  —  3,947   Taxes accrued 1,093  38  (115) —  1,016   Interest accrued 490  60  259  —  809   Current maturities of long-term debt 2,027  208  1,368  (6) 3,597   Asset retirement obligations 639  —  —  —  639   Regulatory liabilities 1,148  119  —  —  1,267   Liabilities associated with assets held for sale —  —  77  —  77   Other 1,623  83  465  (49) 2,122   Total current liabilities 11,683  1,380  6,753  (2,389) 17,427   Long-Term Debt 45,516  4,758  26,326  (76) 76,524   Long-Term Debt Payable to Affiliated Companies 618  7  —  (625) —   Other Noncurrent Liabilities Deferred income taxes 11,988  1,511  (2,641) 1  10,859   Asset retirement obligations 9,423  88  —  —  9,511   Regulatory liabilities 13,684  1,212  30  —  14,926   Operating lease liabilities 691  8  257  —  956   Accrued pension and other post-retirement benefit costs 196  29  207  —  432   Investment tax credits 865  1  —  —  866   Liabilities associated with assets held for sale —  —  85  —  85   Other 1,145  216  559  (189) 1,731   Total other noncurrent liabilities 37,992  3,065  (1,503) (188) 39,366   Equity Total Duke Energy Corporation stockholders' equity 65,334  8,728  49,227  (74,156) 49,133   Noncontrolling interests 1,090  8  19  (1) 1,116   Total equity 66,424  8,736  49,246  (74,157) 50,249   Total Liabilities and Equity 162,233  17,946  80,822  (77,435) 183,566   Segment reclassifications, intercompany balances and other (762) (94) (76,579) 77,435  —   Segment Liabilities and Equity $ 161,471  $ 17,852  $ 4,243  $ —  $ 183,566   (a)    Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Groups. 24 ELECTRIC UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING SEGMENT INCOME (Unaudited) Three Months Ended September 30, 2024 (In millions) Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Ohio (a) Duke Energy Indiana Eliminations/ Other Electric Utilities and Infrastructure Operating Revenues $ 2,707  $ 1,914  $ 1,940  $ 497  $ 836  $ (42) $ 7,852   Operating Expenses Fuel used in electric generation and purchased power 922  679  705  146  267  (55) 2,664   Operation, maintenance and other 461  374  272  106  169  5  1,387   Depreciation and amortization 472  354  286  70  166  4  1,352   Property and other taxes 88  43  127  79  7  1  345   Impairment of assets and other charges (2) (3) —  —  —  —  (5) Total operating expenses 1,941  1,447  1,390  401  609  (45) 5,743   Gains on Sales of Other Assets and Other, net —  1  1  —  —  —  2   Operating Income 766  468  551  96  227  3  2,111   Other Income and Expenses, net (b) 59  31  20  3  15  1  129   Interest Expense 189  127  114  32  58  (6) 514   Income Before Income Taxes 636  372  457  67  184  10  1,726   Income Tax Expense 50  48  94  10  29  13  244   Less: Net Income Attributable to Noncontrolling Interest (c) —  —  —  —  —  31  31   Segment Income $ 586  $ 324  $ 363  $ 57  $ 155  $ (34) $ 1,451   (a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes an equity component of allowance for funds used during construction of $27 million for Duke Energy Carolinas, $17 million for Duke Energy Progress, $3 million for Duke Energy Florida and $6 million for Duke Energy Indiana. (c)    Includes a noncontrolling interest in Duke Energy Indiana. 25 ELECTRIC UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING SEGMENT INCOME (Unaudited) Nine Months Ended September 30, 2024 (In millions) Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Ohio (a) Duke Energy Indiana Eliminations/ Other Electric Utilities and Infrastructure Operating Revenues $ 7,411  $ 5,338  $ 5,092  $ 1,431  $ 2,342  $ (139) $ 21,475   Operating Expenses Fuel used in electric generation and purchased power 2,531  1,896  1,833  416  761  (171) 7,266   Operation, maintenance and other 1,335  1,063  770  287  508  2  3,965   Depreciation and amortization 1,306  999  796  201  507  14  3,823   Property and other taxes 271  144  350  230  37  1  1,033   Impairment of assets and other charges 32  6  —  —  —  —  38   Total operating expenses 5,475  4,108  3,749  1,134  1,813  (154) 16,125   Gains on Sales of Other Assets and Other, net 1  2  2  —  —  4  9   Operating Income 1,937  1,232  1,345  297  529  19  5,359   Other Income and Expenses, net (b) 183  102  64  10  44  (2) 401   Interest Expense 537  370  339  93  173  (11) 1,501   Income Before Income Taxes 1,583  964  1,070  214  400  28  4,259   Income Tax Expense 159  137  214  33  65  23  631   Less: Net Income Attributable to Noncontrolling Interest (c) —  —  —  —  —  66  66   Segment Income $ 1,424  $ 827  $ 856  $ 181  $ 335  $ (61) $ 3,562   (a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes an equity component of allowance for funds used during construction of $85 million for Duke Energy Carolinas, $44 million for Duke Energy Progress, $11 million for Duke Energy Florida, $2 million for Duke Energy Ohio and $13 million for Duke Energy Indiana. (c)    Includes a noncontrolling interest in Duke Energy Indiana. 26 ELECTRIC UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) September 30, 2024 (In millions) Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Ohio (a) Duke Energy Indiana Eliminations/ Adjustments (b) Electric Utilities and Infrastructure Current Assets Cash and cash equivalents $ 13  $ 46  $ 16  $ 5  $ 8  $ 2  $ 90   Receivables, net 250  178  760  346  416  10  1,960   Receivables of variable interest entities, net 1,149  822  —  —  —  —  1,971   Receivables from affiliated companies 202  14  2  23  5  (173) 73   Notes receivable from affiliated companies 177  —  —  23  —  (89) 111   Inventory 1,482  1,320  686  156  580  1  4,225   Regulatory assets 927  691  261  36  105  (2) 2,018   Other 48  62  40  10  77  (8) 229   Total current assets 4,248  3,133  1,765  599  1,191  (259) 10,677   Property, Plant and Equipment Cost 58,465  41,720  29,924  8,963  19,896  54  159,022   Accumulated depreciation and amortization (20,026) (15,947) (7,496) (2,472) (6,836) 32  (52,745) Net property, plant and equipment 38,439  25,773  22,428  6,491  13,060  86  106,277   Other Noncurrent Assets Goodwill —  —  —  596  —  16,783  17,379   Regulatory assets 3,867  4,489  2,071  380  1,013  658  12,478   Nuclear decommissioning trust funds 6,505  4,657  349  —  —  —  11,511   Operating lease right-of-use assets, net 85  353  290  7  42  1  778   Investments in equity method unconsolidated affiliates —  —  1  —  —  97  98   Investment in consolidated subsidiaries 54  9  2  402  1  —  468   Other 1,165  719  496  70  383  (266) 2,567   Total other noncurrent assets 11,676  10,227  3,209  1,455  1,439  17,273  45,279   Total Assets 54,363  39,133  27,402  8,545  15,690  17,100  162,233   Segment reclassifications, intercompany balances and other (444) (111) (12) (449) (8) 262  (762) Reportable Segment Assets $ 53,919  $ 39,022  $ 27,390  $ 8,096  $ 15,682  $ 17,362  $ 161,471   (a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky. (b)    Includes the elimination of intercompany balances, purchase accounting adjustments and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances. 27 ELECTRIC UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) September 30, 2024 (In millions) Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Ohio (a) Duke Energy Indiana Eliminations/ Adjustments (b) Electric Utilities and Infrastructure Current Liabilities Accounts payable $ 1,302  $ 502  $ 882  $ 245  $ 261  $ 2  $ 3,194   Accounts payable to affiliated companies 230  322  127  19  61  (145) 614   Notes payable to affiliated companies —  610  195  127  11  (88) 855   Taxes accrued 386  194  238  211  61  3  1,093   Interest accrued 158  86  127  44  74  1  490   Current maturities of long-term debt 520  983  436  93  4  (9) 2,027   Asset retirement obligations 253  225  2  7  152  —  639   Regulatory liabilities 576  295  82  30  165  —  1,148   Other 589  442  331  64  198  (1) 1,623   Total current liabilities 4,014  3,659  2,420  840  987  (237) 11,683   Long-Term Debt 16,212  11,190  9,812  3,205  4,647  450  45,516   Long-Term Debt Payable to Affiliated Companies 300  150  —  18  150  —  618   Other Noncurrent Liabilities Deferred income taxes 4,137  2,560  2,767  870  1,571  83  11,988   Asset retirement obligations 3,727  4,293  203  69  1,126  5  9,423   Regulatory liabilities 6,586  4,778  700  233  1,411  (24) 13,684   Operating lease liabilities 75  337  234  7  38  —  691   Accrued pension and other post-retirement benefit costs 45  138  92  70  94  (243) 196   Investment tax credits 302  130  242  5  186  —  865   Other 653  271  160  59  15  (13) 1,145   Total other noncurrent liabilities 15,525  12,507  4,398  1,313  4,441  (192) 37,992   Equity Total Duke Energy Corporation stockholders equity 18,312  11,627  10,772  3,169  5,465  15,989  65,334   Noncontrolling interests (c) —  —  —  —  —  1,090  1,090   Total equity 18,312  11,627  10,772  3,169  5,465  17,079  66,424   Total Liabilities and Equity 54,363  39,133  27,402  8,545  15,690  17,100  162,233   Segment reclassifications, intercompany balances and other (444) (111) (12) (449) (8) 262  (762) Reportable Segment Liabilities and Equity $ 53,919  $ 39,022  $ 27,390  $ 8,096  $ 15,682  $ 17,362  $ 161,471   (a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky. (b)    Includes the elimination of intercompany balances, purchase accounting adjustments and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances. (c)    Includes a noncontrolling interest in Duke Energy Indiana. 28 GAS UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING SEGMENT INCOME (Unaudited) Three Months Ended September 30, 2024 (In millions) Duke Energy Ohio (a) Piedmont Natural Gas LDC Midstream Pipelines and Storage (b) Eliminations/ Adjustments Gas Utilities and Infrastructure Operating Revenues $ 108  $ 219  $ 4  $ 1  $ 332   Operating Expenses Cost of natural gas 18  52  —  —  70   Operation, maintenance and other 25  86  2  —  113   Depreciation and amortization 32  65  2  1  100   Property and other taxes 20  16  —  —  36   Total operating expenses 95  219  4  1  319   Losses on Sales of Other Assets and Other, net —  —  (1) 1  —   Operating Income (Loss) 13  —  (1) 1  13   Other Income and Expenses Equity in earnings of unconsolidated affiliates —  —  3  —  3   Other income and expenses, net (1) 12  —  1  12   Total other income and expenses (1) 12  3  1  15   Interest Expense 18  47  1  1  67   Income (Loss) Before Income Taxes (6) (35) 1  1  (39) Income Tax Expense (Benefit) (2) (10) (3) 1  (14) Segment Income (Loss) $ (4) $ (25) $ 4  $ —  $ (25) (a)    Includes results of the wholly owned subsidiary Duke Energy Kentucky. (b)    Primarily earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities. 29 GAS UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING SEGMENT INCOME (Unaudited) Nine Months Ended September 30, 2024 (In millions) Duke Energy Ohio (a) Piedmont Natural Gas LDC Midstream Pipelines and Storage (b) Eliminations/ Adjustments Gas Utilities and Infrastructure Operating Revenues $ 460  $ 1,139  $ 15  $ 1  $ 1,615   Operating Expenses Cost of natural gas 100  280  —  —  380   Operation, maintenance and other 87  264  8  —  359   Depreciation and amortization 96  191  6  1  294   Property and other taxes 73  47  —  —  120   Total operating expenses 356  782  14  1  1,153   Operating Income 104  357  1  —  462   Other Income and Expenses, net Equity in earnings of unconsolidated affiliates —  —  3  —  3   Other income and expenses, net 3  42  —  1  46   Other Income and Expenses, net 3  42  3  1  49   Interest Expense 50  135  3  1  189   Income Before Income Taxes 57  264  1  —  322   Income Tax Expense (Benefit) 11  48  (2) —  57   Segment Income $ 46  $ 216  $ 3  $ —  $ 265   (a)    Includes results of the wholly owned subsidiary Duke Energy Kentucky. (b)     Includes earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities. 30 GAS UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) September 30, 2024 (In millions) Duke Energy Ohio (a) Piedmont Natural Gas LDC Midstream Pipelines and Storage Eliminations/ Adjustments (b) Gas Utilities and Infrastructure Current Assets Cash and cash equivalents $ 3  $ 4  $ 33  $ —  $ 40   Receivables, net 55  126  3  (1) 183   Receivables from affiliated companies —  79  77  (78) 78   Notes receivable from affiliated companies 12  —  —  (3) 9   Inventory 16  58  —  1  75   Regulatory assets 38  154  —  —  192   Other 21  80  6  (2) 105   Total current assets 145  501  119  (83) 682   Property, Plant and Equipment Cost 4,821  12,618  73  —  17,512   Accumulated depreciation and amortization (1,168) (2,397) (8) —  (3,573) Net property, plant and equipment 3,653  10,221  65  —  13,939   Other Noncurrent Assets Goodwill 324  49  —  1,551  1,924   Regulatory assets 322  427  —  71  820   Operating lease right-of-use assets, net 1  4  —  (1) 4   Investments in equity method unconsolidated affiliates —  —  238  5  243   Investment in consolidated subsidiaries —  —  —  6  6   Other 23  284  18  3  328   Total other noncurrent assets 670  764  256  1,635  3,325   Total Assets 4,468  11,486  440  1,552  17,946   Segment reclassifications, intercompany balances and other (12) (80) (77) 75  (94) Reportable Segment Assets $ 4,456  $ 11,406  $ 363  $ 1,627  $ 17,852   (a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky. (b)    Includes the elimination of intercompany balances and purchase accounting adjustments. 31 GAS UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) September 30, 2024 (In millions) Duke Energy Ohio (a) Piedmont Natural Gas LDC Midstream Pipelines and Storage Eliminations/ Adjustments (b) Gas Utilities and Infrastructure Current Liabilities Accounts payable $ 33  $ 196  $ 13  $ —  $ 242   Accounts payable to affiliated companies 4  99  24  (79) 48   Notes payable to affiliated companies 72  513  —  (3) 582   Taxes accrued 26  50  (38) —  38   Interest accrued 11  50  —  (1) 60   Current maturities of long-term debt 58  150  —  —  208   Regulatory liabilities 28  91  —  —  119   Other 3  74  5  1  83   Total current liabilities 235  1,223  4  (82) 1,380   Long-Term Debt 784  3,853  63  58  4,758   Long-Term Debt Payable to Affiliated Companies 7  —  —  —  7   Other Noncurrent Liabilities Deferred income taxes 455  995  60  1  1,511   Asset retirement obligations 61  27  —  —  88   Regulatory liabilities 242  958  —  12  1,212   Operating lease liabilities —  8  —  —  8   Accrued pension and other post-retirement benefit costs 23  6  —  —  29   Investment tax credits —  1  —  —  1   Other 38  175  —  3  216   Total other noncurrent liabilities 819  2,170  60  16  3,065   Equity Total Duke Energy Corporation stockholders' equity 2,623  4,240  305  1,560  8,728   Noncontrolling interests —  —  8  —  8   Total equity 2,623  4,240  313  1,560  8,736   Total Liabilities and Equity 4,468  11,486  440  1,552  17,946   Segment reclassifications, intercompany balances and other (12) (80) (77) 75  (94) Reportable Segment Liabilities and Equity $ 4,456  $ 11,406  $ 363  $ 1,627  $ 17,852   (a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky. (b)    Includes the elimination of intercompany balances and purchase accounting adjustments. 32 Electric Utilities and Infrastructure Quarterly Highlights September 2024 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) Gigawatt-hour (GWh) Sales (a) Residential 26,756  26,154  2.3  % 0.7  % 69,024  66,505  3.8  % 1.5  % General Service 22,952  22,564  1.7  % 2.6  % 60,544  58,707  3.1  % 3.0  % Industrial 12,573  12,672  (0.8  %) (0.7  %) 35,847  36,435  (1.6  %) (1.6  %) Other Energy Sales 130  141  (7.8  %) n/a 395  431  (8.4  %) n/a Unbilled Sales (1,960) (1,421) (37.9  %) n/a (1,020) (2,519) 59.5  % n/a Total Retail Sales 60,451  60,110  0.6  % 1.1  % 164,790  159,559  3.3  % 1.3  % Wholesale and Other 12,281  12,951  (5.2  %) 33,528  31,864  5.2  % Total Consolidated Electric Sales – Electric Utilities and Infrastructure 72,732  73,061  (0.5  %) 198,318  191,423  3.6  % Average Number of Customers (Electric) Residential 7,430,021  7,267,668  2.2  % 7,392,374  7,232,568  2.2  % General Service 1,045,408  1,038,192  0.7  % 1,043,696  1,036,602  0.7  % Industrial 15,604  16,064  (2.9  %) 15,705  16,167  (2.9  %) Other Energy Sales 23,607  24,070  (1.9  %) 23,722  24,158  (1.8  %) Total Retail Customers 8,514,640  8,345,994  2.0  % 8,475,497  8,309,495  2.0  % Wholesale and Other 52  49  6.1  % 51  48  6.3  % Total Average Number of Customers – Electric Utilities and Infrastructure 8,514,692  8,346,043  2.0  % 8,475,548  8,309,543  2.0  % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 11,410  12,723  (10.3  %) 30,784  25,375  21.3  % Nuclear 19,150  19,304  (0.8  %) 56,182  56,170  —  % Hydro 276  274  0.7  % 1,704  1,656  2.9  % Natural Gas and Oil 28,704  26,596  7.9  % 71,506  68,443  4.5  % Renewable Energy 942  831  13.4  % 2,648  2,204  20.1  % Total Generation (d) 60,482  59,728  1.3  % 162,824  153,848  5.8  % Purchased Power and Net Interchange (e) 16,480  17,376  (5.2  %) 45,963  47,780  (3.8  %) Total Sources of Energy 76,962  77,104  (0.2  %) 208,787  201,628  3.6  % Less: Line Loss and Other 4,230  4,043  4.6  % 10,469  10,206  2.6  % Total GWh Sources 72,732  73,061  (0.5  %) 198,318  191,422  3.6  % Owned Megawatt (MW) Capacity (c) Summer 50,241  50,236  Winter 54,782  53,105  Nuclear Capacity Factor (%) (f) 96  96  (a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. (f)    Statistics reflect 100% of jointly owned stations. 33 Duke Energy Carolinas Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information September 2024 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 8,843 8,544  3.5  % 23,340 22,058 5.8  % General Service 8,725 8,600  1.5  % 23,389 22,489 4.0  % Industrial 5,364 5,357  0.1  % 15,035 15,061 (0.2  %) Other Energy Sales 65 69  (5.8  %) 201 209 (3.8  %) Unbilled Sales (1,046) (376) (178.2  %) (571) (877) 34.9  % Total Retail Sales 21,951 22,194  (1.1  %) 0.1  % 61,394 58,940 4.2  % 1.8  % Wholesale and Other 2,897 2,616  10.7  % 8,326 7,427 12.1  % Total Consolidated Electric Sales – Duke Energy Carolinas 24,848  24,810  0.2  % 69,720 66,367 5.1  % Average Number of Customers Residential 2,496,286 2,434,728 2.5  % 2,480,807 2,420,897 2.5  % General Service 402,809 400,286 0.6  % 402,306 399,932 0.6  % Industrial 5,941 6,044 (1.7  %) 5,956 6,071 (1.9  %) Other Energy Sales 11,009 11,200 (1.7  %) 11,064 11,218 (1.4  %) Total Retail Customers 2,916,045 2,852,258 2.2  % 2,900,133 2,838,118 2.2  % Wholesale and Other 26 25 4.0  % 25 26 (3.8  %) Total Average Number of Customers – Duke Energy Carolinas 2,916,071 2,852,283 2.2  % 2,900,158 2,838,144 2.2  % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 2,940  3,589  (18.1  %) 8,551 6,522 31.1  % Nuclear 11,157  11,361  (1.8  %) 33,886 33,292 1.8  % Hydro 112  79  41.8  % 973 842 15.6  % Natural Gas and Oil 8,719  7,618  14.5  % 20,779 20,039 3.7  % Renewable Energy 94  102  (7.8  %) 266 266 —  % Total Generation (d) 23,022  22,749  1.2  % 64,455 60,961 5.7  % Purchased Power and Net Interchange (e) 3,535  3,384  4.5  % 9,015 8,641 4.3  % Total Sources of Energy 26,557  26,133  1.6  % 73,470 69,602 5.6  % Less: Line Loss and Other 1,709  1,323  29.2  % 3,750 3,235 15.9  % Total GWh Sources 24,848  24,810  0.2  % 69,720 66,367 5.1  % Owned MW Capacity (c) Summer 19,429 19,617 Winter 20,476 20,442 Nuclear Capacity Factor (%) (f) 96 95 Heating and Cooling Degree Days Actual Heating Degree Days —  1  (100.0  %) 1,599 1,459 9.6  % Cooling Degree Days 1,029  1,048  (1.8  %) 1,656 1,395 18.7  % Variance from Normal Heating Degree Days (100.0  %) (95.7  %) (18.1  %) (20.0  %) Cooling Degree Days 1.6  % 4.1  % 8.3  % (13.2  %) (a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. (f)    Statistics reflect 100% of jointly owned stations. 34 Duke Energy Progress Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information September 2024 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 5,415  5,389  0.5  % 14,459 13,852 4.4  % General Service 4,511  4,456  1.2  % 11,762 11,354 3.6  % Industrial 2,605  2,559  1.8  % 7,146 7,407 (3.5  %) Other Energy Sales 21  21  —  % 64 64 —  % Unbilled Sales (613) (293) (109.2  %) (430) (784) 45.2  % Total Retail Sales 11,939  12,132  (1.6  %) (0.3  %) 33,001 31,893 3.5  % 1.1  % Wholesale and Other 7,168  7,572  (5.3  %) 19,438 18,610 4.4  % Total Consolidated Electric Sales – Duke Energy Progress 19,107  19,704  (3.0  %) 52,439 50,503 3.8  % Average Number of Customers Residential 1,504,584 1,469,046 2.4  % 1,495,604 1,460,480 2.4  % General Service 248,517 247,729 0.3  % 248,167 247,356 0.3  % Industrial 3,187 3,285 (3.0  %) 3,213 3,299 (2.6  %) Other Energy Sales 2,436 2,484 (1.9  %) 2,443 2,499 (2.2  %) Total Retail Customers 1,758,724  1,722,544  2.1  % 1,749,427 1,713,634 2.1  % Wholesale and Other 8  9  (11.1  %) 8 8 —  % Total Average Number of Customers – Duke Energy Progress 1,758,732  1,722,553  2.1  % 1,749,435 1,713,642 2.1  % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 2,095  2,933  (28.6  %) 6,013 4,390 37.0  % Nuclear 7,993  7,943  0.6  % 22,296 22,878 (2.5  %) Hydro 94  90  4.4  % 523 523 —  % Natural Gas and Oil 6,919  6,679  3.6  % 17,692 17,068 3.7  % Renewable Energy 60  74  (18.9  %) 175 203 (13.8  %) Total Generation (d) 17,161  17,719  (3.1  %) 46,699 45,062 3.6  % Purchased Power and Net Interchange (e) 2,769  2,827  (2.1  %) 7,614 7,381 3.2  % Total Sources of Energy 19,930  20,546  (3.0  %) 54,313 52,443 3.6  % Less: Line Loss and Other 823  842  (2.3  %) 1,874 1,940 (3.4  %) Total GWh Sources 19,107  19,704  (3.0  %) 52,439 50,503 3.8  % Owned MW Capacity (c) Summer 12,570 12,540 Winter 13,775 13,618 Nuclear Capacity Factor (%) (f) 94 97 Heating and Cooling Degree Days Actual Heating Degree Days —  3  (100.0  %) 1,369 1,197 14.4  % Cooling Degree Days 1,151  1,201  (4.2  %) 1,889 1,700 11.1  % Variance from Normal Heating Degree Days (100.0  %) (80.6  %) (23.1  %) (25.9  %) Cooling Degree Days 5.8  % 3.7  % 13.6  % (8.8  %) (a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. (f)    Statistics reflect 100% of jointly owned stations. 35 Duke Energy Florida Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information September 2024 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 7,184 7,238 (0.7  %) 17,094 17,096 —  % General Service 4,677 4,640 0.8  % 12,021 11,942 0.7  % Industrial 853 870 (2.0  %) 2,533 2,560 (1.1  %) Other Energy Sales 7 7 —  % 22 23 (4.3  %) Unbilled Sales (138) (203) —  % 409 257 59.1  % Total Retail Sales 12,583 12,552 0.2  % 1.6  % 32,079 31,878 0.6  % 0.6  % Wholesale and Other 840 1,113 (24.5  %) 2,045 2,177 (6.1  %) Total Electric Sales – Duke Energy Florida 13,423 13,665 (1.8  %) 34,124 34,055 0.2  % Average Number of Customers Residential 1,797,878 1,756,933 2.3  % 1,789,614 1,748,362 2.4  % General Service 211,547 209,355 1.0  % 210,988 209,011 0.9  % Industrial 1,652 1,755 (5.9  %) 1,683 1,784 (5.7  %) Other Energy Sales 3,598 3,666 (1.9  %) 3,615 3,685 (1.9  %) Total Retail Customers 2,014,675 1,971,709 2.2  % 2,005,900 1,962,842 2.2  % Wholesale and Other 13 10 30.0  % 13 9 44.4  % Total Average Number of Customers – Duke Energy Florida 2,014,688 1,971,719 2.2  % 2,005,913 1,962,851 2.2  % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 1,361 1,473 (7.6  %) 2,983 2,984 —  % Natural Gas and Oil 11,348 10,942 3.7  % 28,740 27,825 3.3  % Renewable Energy 780 646 20.7  % 2,184 1,712 27.6  % Total Generation (d) 13,489 13,061 3.3  % 33,907 32,521 4.3  % Purchased Power and Net Interchange (e) 454 1,308 (65.3  %) 1,352 2,894 (53.3  %) Total Sources of Energy 13,943 14,369 (3.0  %) 35,259 35,415 (0.4  %) Less: Line Loss and Other 520 704 (26.1  %) 1,135 1,360 (16.5  %) Total GWh Sources 13,423 13,665 (1.8  %) 34,124 34,055 0.2  % Owned MW Capacity (c) Summer 10,858 10,697 Winter 12,575 11,132 Heating and Cooling Degree Days Actual Heating Degree Days —  —  —  % 294 178 65.2  % Cooling Degree Days 1,656  1,673  (1.0  %) 3,092 3,204 (3.5  %) Variance from Normal Heating Degree Days —  % —  % (22.4  %) (41.0  %) Cooling Degree Days 11.2  % 11.4  % 12.2  % 7.4  % (a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. 36 Duke Energy Ohio Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information September 2024 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 2,745 2,562 7.1  % 7,064 6,738 4.8  % General Service 2,670 2,555 4.5  % 7,128 6,809 4.7  % Industrial 1,335 1,490 (10.4  %) 3,926 4,174 (5.9  %) Other Energy Sales 24 28 (14.3  %) 65 86 (24.4  %) Unbilled Sales (105) (384) 72.7  % (81) (373) 78.3  % Total Retail Sales 6,669 6,251 6.7  % 3.3  % 18,102 17,434 3.8  % 0.4  % Wholesale and Other 135 105 28.6  % 392 260 50.8  % Total Electric Sales – Duke Energy Ohio 6,804 6,356 7.0  % 18,494 17,694 4.5  % Average Number of Customers Residential 833,621 823,818 1.2  % 831,841 822,765 1.1  % General Service 76,150 75,058 1.5  % 75,964 74,789 1.6  % Industrial 2,196 2,333 (5.9  %) 2,221 2,364 (6.0  %) Other Energy Sales 2,786 2,828 (1.5  %) 2,792 2,837 (1.6  %) Total Retail Customers 914,753 904,037 1.2  % 912,818 902,755 1.1  % Wholesale and Other 1 1 —  % 1 1 —  % Total Average Number of Customers – Duke Energy Ohio 914,754 904,038 1.2  % 912,819 902,756 1.1  % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 649 751 (13.6  %) 1,896 1,743 8.8  % Natural Gas and Oil 120 49 144.9  % 265 131 102.3  % Total Generation (d) 769 800 (3.9  %) 2,161 1,874 15.3  % Purchased Power and Net Interchange (e) 6,590 5,826 13.1  % 18,075 17,471 3.5  % Total Sources of Energy 7,359 6,626 11.1  % 20,236 19,345 4.6  % Less: Line Loss and Other 555 270 105.6  % 1,742 1,651 5.5  % Total GWh Sources 6,804 6,356 7.0  % 18,494 17,694 4.5  % Owned MW Capacity (c) Summer 1,080 1,076 Winter 1,173 1,164 Heating and Cooling Degree Days Actual Heating Degree Days 13 4 225.0  % 2,526 2,534 (0.3  %) Cooling Degree Days 894 746 19.8  % 1,347  990  36.1  % Variance from Normal Heating Degree Days (73.2  %) (93.5  %) (18.1  %) (16.0  %) Cooling Degree Days 14.4  % (9.3  %) 19.9  % (19.7  %) (a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. 37 Duke Energy Indiana Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information September 2024 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 2,569 2,420 6.2  % 7,067 6,760 4.5  % General Service 2,369 2,313 2.4  % 6,244 6,113 2.1  % Industrial 2,416 2,396 0.8  % 7,207 7,233 (0.4  %) Other Energy Sales 13 16 (18.8  %) 43 49 (12.2  %) Unbilled Sales (58) (165) 64.8  % (347) (742) 53.2  % Total Retail Sales 7,309 6,980 4.7  % 3.4  % 20,214 19,413 4.1  % 2.3  % Wholesale and Other 1,241 1,546 (19.7  %) 3,327 3,390 (1.9  %) Total Electric Sales – Duke Energy Indiana 8,550 8,526 0.3  % 23,541 22,803 3.2  % Average Number of Customers Residential 797,652 783,143 1.9  % 794,508 780,064 1.9  % General Service 106,385 105,764 0.6  % 106,271 105,514 0.7  % Industrial 2,628 2,647 (0.7  %) 2,632 2,649 (0.6  %) Other Energy Sales 3,778 3,892 (2.9  %) 3,808 3,919 (2.8  %) Total Retail Customers 910,443 895,446 1.7  % 907,219 892,146 1.7  % Wholesale and Other 4 4 —  % 4 4 —  % Total Average Number of Customers – Duke Energy Indiana 910,447 895,450 1.7  % 907,223 892,150 1.7  % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 4,365 3,977 9.8  % 11,341 9,736 16.5  % Hydro 70 105 (33.3  %) 208 291 (28.5  %) Natural Gas and Oil 1,598 1,308 22.2  % 4,030 3,380 19.2  % Renewable Energy 8 9 (11.1  %) 23 23 —  % Total Generation (d) 6,041 5,399 11.9  % 15,602 13,430 16.2  % Purchased Power and Net Interchange (e) 3,132 4,031 (22.3  %) 9,907 11,393 (13.0  %) Total Sources of Energy 9,173 9,430 (2.7  %) 25,509 24,823 2.8  % Less: Line Loss and Other 623 904 (31.1  %) 1,968 2,020 (2.6  %) Total GWh Sources 8,550 8,526 0.3  % 23,541 22,803 3.2  % Owned MW Capacity (c) Summer 6,304 6,306 Winter 6,783 6,749 Heating and Cooling Degree Days Actual Heating Degree Days 18 9 100.0  % 2,695 2,779 (3.0  %) Cooling Degree Days 801 742 8.0  % 1,238 1,039 19.2  % Variance from Normal Heating Degree Days (68.8  %) (86.8  %) (19.1  %) (17.4  %) Cooling Degree Days 5.1  % (11.9  %) 12.6  % (17.5  %) (a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. 38 Gas Utilities and Infrastructure Quarterly Highlights September 2024 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 % Inc. (Dec.) 2024 2023 % Inc. (Dec.) Total Sales Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms) (a) 162,163,516  143,224,608  13.2  % 453,695,306  426,926,457  6.3  % Duke Energy Midwest LDC throughput (Mcf) (a) 9,607,415  9,745,709  (1.4  %) 55,774,760  55,298,840  0.9  % Average Number of Customers – Piedmont Natural Gas Residential 1,070,213  1,051,853  1.7  % 1,071,704  1,054,372  1.6  % Commercial 107,481  106,689  0.7  % 108,047  107,111  0.9  % Industrial 939  953  (1.5  %) 942  954  (1.3  %) Power Generation 19  19  —  % 19  19  —  % Total Average Number of Gas Customers – Piedmont Natural Gas 1,178,652  1,159,514  1.7  % 1,180,712  1,162,456  1.6  % Average Number of Customers – Duke Energy Midwest Residential 520,087  516,099  0.8  % 522,087  517,656  0.9  % General Service 33,221  33,193  0.1  % 34,234  34,222  —  % Industrial 2,189  1,784  22.7  % 2,210  1,744  26.7  % Other 118  116  1.7  % 117  116  0.9  % Total Average Number of Gas Customers – Duke Energy Midwest 555,615  551,192  0.8  % 558,648  553,738  0.9  % (a)    Piedmont has a margin decoupling mechanism in North Carolina, weather normalization mechanisms in South Carolina and Tennessee and fixed-price contracts with most power generation customers that significantly eliminate the impact of throughput changes on earnings. Duke Energy Ohio's rate design also serves to offset this impact. 39